Anti-Hypertensive Drugs - Cuba

Cuba

The Anti-Hypertensive Drugs market in Cuba is expected to witness a significant increase in revenue, with projections suggesting a total of US$33.03m by 2024.
Furthermore, this market is anticipated to display a steady annual growth rate (CAGR 2024-2029) of -1.00%, ultimately leading to a market volume of US$31.41m by 2029.
It is worth noting that, in a global context, United States is projected to generate the highest revenue in this market, reaching a staggering US$12,290.00m in 2024.
Cuba's strict healthcare regulations and emphasis on preventive medicine have led to a growing demand for locally-produced anti-hypertensive drugs.

Key regions: Japan, India, Italy, Brazil, South Korea

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Analyst Opinion

The Anti-Hypertensive Drugs market in Cuba has experienced significant growth in recent years.

Customer preferences: Cuban customers tend to prefer traditional medicine and natural remedies over pharmaceutical drugs. However, the increasing prevalence of hypertension in the country has led to a growing demand for Anti-Hypertensive Drugs.

Trends in the market: The Anti-Hypertensive Drugs market in Cuba is expected to continue growing due to the aging population and the increasing prevalence of hypertension. The government's efforts to improve healthcare infrastructure and increase access to medication are also contributing to the growth of the market.

Local special circumstances: Cuba's healthcare system is unique in that it provides free healthcare to all citizens. This has led to a high demand for medication, including Anti-Hypertensive Drugs, which are provided at no cost to patients. However, the limited availability of certain medications has led to a black market for pharmaceutical drugs.

Underlying macroeconomic factors: The Cuban economy has been struggling in recent years, with low GDP growth and limited foreign investment. This has led to a shortage of foreign currency and a lack of resources to import necessary medications. The government's efforts to improve the economy, including increased tourism and foreign investment, may lead to improvements in the availability of medication in the future.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.